Maha – History
Maha is a Sweden-based independent, international upstream oil and gas company that focuses on Enhanced Oil Recovery (EOR) engineering solutions for underperforming oil and gas assets. Maha has assembled a team of industry experts with individual expertise to build a solid foundation of production assets and an objective to grow through petroleum engineering and near field exploration technologies.
The primary focus is to implement state-of-the-art EOR technologies to existing and maturing oil and gas fields.
The Company enters into a refinancing agreement with Brazilian investment Bank BTG Pactual for USD 70 million to refinance the existing SEK 300 million bond and to finance the Company’s production expansion objectives.
Company publishes its first Sustainability Report.
Drilling of the Tie-3 hybrid development/injector well is completed after extensive drilling delays. The well penetrates a new and previously undiscovered oil bearing zone in the Itaparica formation.
The newly discovered Itaparica formation was extensively tested and flowed 42° API oil to surface at an initial and unstable rate of 139 BOPD.
The Tie-3 well initial testing showed a flowed oil and gas rate of 472 BOEPD.
TTG-3 is placed on long term production testing to evaluate water encroachment issues.
COVID-19 Pandemic sweeps the world – WTI oil prices hit an all-time low. The Company decides to revise its 2020 capital plans and delays capital spending.
Maha Energy AB is admitted to Nasdaq Stockholm main board as a small cap company.First day of trading on Nasdaq Stockholm is 17 December, 2020. Click here for more information.
Maha assumes the GRI and SASB frameworks as guidelines for ESG disclosure.
Two 1370 hP gas compressors are installed and commissioned at the Tie field to allow for 100% redundancy of gas production at the field. This decouples oil production from gas handling allowing for 100% uptime of oil production.
The Tie-2 development well is drilled on the Tie field. Test results yield 2,005 BOEPD from two comingled zones.
Four Gas to Wire generators are commissioned at Tartaruga and commercial export of electricity commences.
A new well (TTG-3) is drilled at Tartaruga to delineate the northern part of the Tartaruga field. A total of 4 zones are tested. The bottom zones are tight and flow sub-commercial amounts of oil. The top zone is plagued with water encroachment from an unknown origin. Focus is shifted to develop the proven producing southern fault block whilst assessing the results of the TTG-3 well.
Drilling of the Tie-3 well is started.
Maha acquires a minor land position in Illinois/Indiana in a counter cyclical acquisition of Dome AB Inc. for half the booked proved developed producing value of the assets. Maha assumes operations and completes a drilled but uncompleted well and drills a new producing well. Production is doubled from the Illinois/Indiana asset in less than 9 months.
Production from LAK Ranch is suspended and the field closed in as a result of low oil prices.
After extensive negotiations, Maha is awarded Block 70 in Oman. Block 70 contains the undeveloped and very shallow Mafraq heavy oil field.
Company exceeds 3,000 BOEPD average annual production volumes.
Drilling of 107D horizontal sidetrack is completed with very good to excellent oil and gas shows throughout the 500 m. horizontal section.
Gas-to-Wire (GTW), a Brazilian Company, is contracted to process and convert gas to electricity at the Tartaruga field.
The Company negotiates an additional 750 BOPD oil offtake arrangement at the Tie field, bringing total sales capacity to 4,850 BOPD.
GTW starts receiving gas at the Tie field and the Company starts delivering electricity to the electricity grid in Brazil.
Compressed gas deliveries are increased to CDGN at the Tie field.
The Attic Well (Tie-1) is drilled, completed and placed on production at the Tie field.The Tie-1 tests 2,932 BOEPD on a 38/64”” choke – a production record for onshore Brazil. The well was constrained to tubing size, suggesting higher flow rates were achievable.
Maha continues to implement third party environmental monitoring activities, whereby soil, noise, water, and erosion samples are taken and analyzed.
Maha Energy AB is invited to bid for the highly attractive Block 70 onshore Oman.The Company submits a competitive bid and enters into negotiations with the Omani Government.
A shut-in well at the Tie field is brought back on stream by the installation of a custom made hydraulic jet pump. Production from the field almost doubles.
Offtake agreements at the Tie field are negotiated to allow for a total of 4,100 BOPD to be sold via trucks. Simultaneously, gas offtake agreements are also increased to handle the increase in associated gas.
The 1994 discovery well (107D) at Tartaruga oil field is re-entered and a sidetrack initiated to recomplete the well as a horizontal producer. Due to safety considerations and proximity issues, the Tartaruga production is reduced during the drilling program resulting in lower than planned production volumes for the year.
Maha Energy (USA) drills 2 more horizontal producers and 4 new hot water injection wells at the LAK Ranch oil field, as oil prices continue to recover.
Maha began social initiative to support one local high school student in Newcastle, Wyoming, USA with a scholarship to the awarded candidates’ choice of university. Click here for more information.
Oil prices start to recover.
Maha Energy AB acquires all outstanding shares and intercompany debt of Gran Tierra Finance (Luxembourg) S.A.R.L and Gran Tierra Brazco (Luxembourg) S.A.R.L resulting in ownership (100% Working Interest) in the 1,000 BOPD producing Tie Field and six additional concession agreements onshore Brazil. The transaction is preceded by a directed share issue, private placement and a Senior Secured Bond. The bonds are listed in Sweden.
The Company immediately designs and places orders for custom made hydraulic jet pumps to provide artificial lift at the Tie field.
An extensive water injection campaign at Tie field is also commissioned to halt declining reservoir pressures.
Plans are laid to increase processing capacity of the Tie Battery from 2,000 BOPD to 5,000 BOPD.
New customers are solicited for the oil and gas at Tie to increase offtake capacity. All production from the Tie field is delivered using trucks.
Maha Energy AB concludes the acquisition of 3 smaller companies and assumes operatorship of the Tartaruga oil producing license onshore Brazil. The Company immediately restores production of a shut-in well by the addition of a hydraulic jet pump – immediately doubling production from the field.
The Company commences official support for Tamar Turtle Sanctuary Project, near the Tartaruga field. Click here for more information.
At LAK Ranch, RPS Knowledge Reservoir, a third party independent reservoir engineering company, establishes that a hot water flood is a comparable extraction method to the previously determined steam flood. Extraction plans at the LAK Ranch is reworked to accommodate a hot water flood.
Oil price reaches a low point of US$ 26/bbl in February 2016.
Maha Energy AB is created and lists on Nasdaq Stockholm First North Growth Market. First day of trading is 29 July, 2016.
FNCA is appointed as the Company’s certified advisor.
Maha Energy AB starts an acquisition process of acquiring 75% Working Interest in the SES-107D concession onshore Brazil.
The Company acquires UP Petroleo Brasil Ltda., Petro Vista Energy Petroleo do Brasil Ltda., as well as Working Interest in the Tartaruga Field, resulting in Maha holding 75% of the Working Interest and Operatorship in the Tartaruga Field.
Maha Energy (USA) continues to appraise and develop the LAK Ranch
Chapman Petroleum Engineering Ltd. prepares a NI 51-101 compliant reserves report (dated 30 November 2015 with effective date of 1 December 2015) which estimates 12.8 million barrels of proved and probable (2P) reserves at the LAK Ranch field.
Maha Energy (USA) Inc. completes well drilling program and meet all obligations as per the agreement regarding the LAK Ranch property and assumes 99% Working Interest.
Maha Energy Inc. (Canada) acquires minor interests in producing wells in Canada.
Oil price crashes at the end of 2014.
Maha Energy Inc. is incorporated in Alberta, Canada.
Maha Energy (USA) Inc. is incorporated in Wyoming, USA.
The LAK Ranch property is acquired and 3 wells are immediately drilled to boost production.
Corporate Governance Policies created.
Deloitte appointed Company auditor.
DuPont STOP Safety program introduced to Maha. Click here for more information.